By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's attractiveness because the superior authority on bills payable. She presents nice element on all facets of the payables platforms had to agree to Sarbanes-Oxley. A needs to for each controller's bookshelf!"
—Steven Bragg, greatest facts companies
"Mary Schaeffer has performed it back! America's such a lot complete debts payable professional has written one other authoritative and complete paintings. This time she takes goal at inner controls and the Sarbanes-Oxley Act as they effect the payables functionality. even if you're required to conform with the Act, this publication might help you meet the demanding situations dealing with pros who call for powerful and effective controls either now and sooner or later. This ebook is a gigantic source and blueprint for any monetary professional."
—Bob Lovallo, President, Pinpoint revenue restoration companies, Inc.
"There are many publications to complying with Sarbanes-Oxley but this article is the 1st i've got noticeable that offers debts payable departments with a online game plan, either from a mile-high and an in-the-trenches point of view. no matter if you're not inquisitive about SOX, this consultant presents the foundational keep watch over framework and most sensible practices for any bills payable department."
—Richard B. Lanza, CPA/CITP, CFE, PMP, President, funds restoration companions L.L.C
"Mary Schaeffer's ebook presents sincerely written information at the motives, results, and top practices for money owed payables inner controls. each accounting, auditing, and data expertise specialist who offers with debts payable will locate a few helpful feedback during this book."
—Dr. Will Yancey, CPA, self reliant consultant
"If you just learn one e-book at the tasks and obligations of the bills payable representative-make it this one. Ms. Schaeffer is de facto terrific at explaining the effect the Sarbanes-Oxley Act can have at the association and its money owed payable methods. even if you're a professional money owed payable consultant or simply new to the location, this booklet can help you to turn into firmly grounded on your skill to accomplish your position within the money owed payable department."
—Jerry W. Michael, President, IRSCompliance.org
The money owed payable blueprint to changing into Sarbanes-Oxley compliant
The Sarbanes-Oxley Act presents a rigorous self-discipline that may be utilized by all firms, whether they're publicly traded or now not. powerful inner controls and segregation of tasks may still develop into a regular mind set instead of whatever required via legislation. Accounts Payable and Sarbanes-Oxley presents a entire review of the Act and lays out the required instructions that have an effect on money owed payable to make sure compliance within the bills payable department.
Read Online or Download Accounts payable and Sarbanes-Oxley : strengthening your internal controls PDF
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Extra resources for Accounts payable and Sarbanes-Oxley : strengthening your internal controls
Have a focus for action/control activities. Uncover and take action quickly on invalid payments fraudulently created for unauthorized or nonexistent purchases. CONCLUDING THOUGHTS The invoice is where the payment process is activated. It is therefore crucial that appropriate controls are incorporated at this stage. Otherwise, the door to fraud and duplicate payments is opened. Additionally, when thinking about segregation of duties as it relates to the payment process, it is imperative that the invoice-handling phase be included in that equation.
For most companies, this is a relatively untapped arena that offers one of the last few footholds for professionals to find cost savings for their firms. ). ” Any time fraud is uncovered, in all likelihood, you will also discover a weak link––an area where internal controls need to be adjusted. Documenta42 Schaeffer_FM/TXT/Index 1/18/06 9:35 AM Page 43 Invoice Processing tion and flowcharting will help you zero in on those areas. In accounts payable, you are likely to run into three types of fraud: 1.
Control Activities. Policies and procedures are established and implemented to help ensure that risk responses are effectively carried out. Information and Communication. Relevant information is identified, captured, and communicated in a form and time frame that enable people to carry out their responsibilities. Effective communication also occurs in a broader sense, flowing down, across, and up the entity. Monitoring. The entirety of enterprise risk management is monitored and modifications made as necessary.